MAKATI CITY, Philippines — Security Bank Corporation (PSE:SECB) is supporting renewable energy development in the Philippines as the sole lender for the 17.4 MW Solana Solar Beta, Inc.’s (“SSBI”) Solar Power Project (the “Project”) in Hermosa, Bataan, supplying electricity to Peninsula Electric Cooperative, Inc. (“PENELCO”).
Developed by SSBI, part of CN Green Roof Asia (“Green Roof Asia”), the Project is expected to generate approximately 35.5 gigawatt-hours of electricity annually and supply 10 MW of equivalent generation under a 20-year power supply agreement with PENELCO. Green Roof is grateful for the opportunity to supply PENELCO with renewable energy to meet its customers’ energy needs in the province.
The transaction is the Bank’s first partnership with Climate Fund Managers, a climate-focused blended finance investment manager, and Norfund, the Norwegian investment fund for developing countries – two globally recognized institutions working to mobilize capital for sustainable infrastructure across emerging markets.
The Bank provided a project refinancing facility, with Security Bank Capital Investment Corporation acting as arranger and the Bank’s Trust and Asset Management Group serving as Facility Agent and Security Trustee. The Omnibus Loan and Security Agreement was signed on May 26, 2026, and the loan disbursement was completed on June 25, 2026.
“Electric cooperatives play an important role in delivering electricity to communities across the country,” said Yvonne Marcelo, EVP and Corporate Banking Group Head at Security Bank. “Through this transaction, we are supporting the delivery of additional renewable energy capacity in Bataan while establishing our first partnership with Climate Fund Managers and Norfund. As the sole lender, we continue to support investments that contribute to the expansion of renewable energy infrastructure in the Philippines.”
“We are pleased to partner with Security Bank on this transaction, which demonstrates the growing role local financial institutions can play in supporting renewable energy infrastructure in the Philippines,” said Ryan Oetama, Investment Director at Climate Fund Managers. “The financing of the Bataan solar project reflects increasing confidence in renewable energy as an attractive investment opportunity that can deliver both commercial returns and positive environmental impact.”
“This transaction augments a niche renewable energy supply segment in the Philippines, a core market and a meaningful strategy for Norfund. It will help meet a larger share of domestic energy demand, improve energy security, and increase diversification in both the provincial and national energy mix at a much-needed time. We are grateful to our JV partners in Climate Fund Managers and congratulate Green Roof Asia for delivering this project for its host community. We look forward to working with Security Bank on more transactions in the Philippines,” said Felix Barwinek, Senior Investment Manager at Norfund.
“This refinancing is an important milestone for Green Roof Asia in the Philippines as it demonstrates that well-structured renewable energy projects continue to attract strong financial backing, allowing us to continue to develop, construct, and deliver reliable clean energy infrastructure across Southeast Asia. We look forward to supporting more electric cooperatives and meeting their growing demand,” said Steve Rawles, CEO at CN Green Roof Asia.
Financing renewable energy for electric cooperatives
Security Bank’s participation supports the financing of renewable energy projects serving electric cooperatives, a segment with limited participation from local banks.
PENELCO, the Project’s offtaker, has a peak demand of approximately 148 MW and serves customers across multiple barangays and municipalities in Bataan.
The Project is connected to PENELCO’s distribution system through an embedded connection, enabling the delivery of renewable energy within the cooperative’s service area.
Part of a regional renewable energy platform
The Project forms part of Green Roof Asia’s portfolio of solar developments across Southeast Asia, covering rooftop and utility-scale systems.
Green Roof Asia is a joint venture between Climate Fund Managers’ EU-supported Climate Investor One Fund and Norfund.
Climate Fund Managers raises and deploys blended climate finance funds, working in partnerships to deliver climate mitigation and adaptation solutions in Asia, Africa, and Latin America. Norfund’s mandate is to invest in businesses that support sustainable development and the transition to net zero.
A growing renewable energy portfolio
The transaction adds to the Bank’s growing renewable energy portfolio, reflecting its participation in financing 24 renewable energy developments nationwide that collectively represent 4.30 GW of installed capacity. It also contributes to the Bank’s broader sustainable finance portfolio, which reached PHP116.95 billion in total disbursements as of May 2026.
By financing renewable energy projects and expanding partnerships with institutions committed to sustainable development, Security Bank continues to support renewable energy infrastructure in the Philippines.
